More retail carnage as Esprit quits Australia

Friday, 4 May 2018

Global fashion retailer Esprit is pulling out of Australia and New Zealand and will close more than 60 outlets in the region, leaving 350 employees without jobs.

The company, which was founded in California in 1968 and has been operating in Australia since the 1980s, said on Thursday it had been unprofitable in the local market for some time and had now made the “unfortunate but unavoidable” decision to leave.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.